The Related Group has shut down its Auberge Residences & Spa Miami project and returned buyers’ deposits amid a sluggish condo market, sources told The Real Deal.
Related launched the development in February 2016, just as sales were slowing in Miami’s preconstruction condo market. In August, TRD reported that construction of the 290-unit, 60-story tower was on hold until at least year-end 2018.
The sales center, at 1440 Biscayne Boulevard, has been closed since December, sources said. The phone number is disconnected and sales agents reached by phone this week said the project had been canceled. Carlos Rosso, president of Related’s condo development division, could not be reached for comment, nor could other executives at the firm, despite repeated requests for comment.
As of April 2016, Auberge had reserved 20 percent of its units, Related vice president Jon Paul Perez said a year ago. But according to a second-quarter 2016 report from ISG, sales for the project stood at 15 percent. Prices ranged from $350,000 to $3.9 million. Deposits were returned at the end of the year, sources said.